Pretium Resources Inc.

Attention Pretium Resources Inc. Shareholders: Pretium Misled Investors According to a Newly Filed Class Action

Robbins Arroyo LLP announces that an investor of Pretium Resources, Inc. (NYSE: PVG) (“Pretium”) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York. The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between January 19, 2011 and October 21, 2013 (the “Class Period”).

Pretium Accused of Misleading Investors Regarding the Quality and Quantity of Its Gold Reserves

Shares of Pretium fell $2.07 per share, or approximately 30%, on October 9, 2013, after the company disclosed that Strathcona Mineral Services Ltd., one of the two firms the company had hired to evaluate the quality of its gold reserves at its Brucejack site, had resigned from the project. On October 22, 2013, Pretium further revealed that Strathcona had resigned from the project after concluding that no valid gold resources existed while also noting that all mineral reserves and future gold production from the VOK Zone of the Brucejack project were erroneous and misleading. On this news, Pretium shares fell an additional 28%, to close at $3.36 per share on October 22, 2013, representing a total 58% decline since October 9, 2013.

According to the complaint, defendants made false and/or misleading statements and failed to disclose that: (i) Pretium had not acquired credible evidence demonstrating the quantity and quality of gold reserve estimates it claimed during the Class Period; (ii) Snowden Group, one of the companies hired to provide analysis of the quantity and quality of the gold at the Brucejack project, was not using reliable methodology to evaluate the gold reserve estimates; (iii) Snowden and Strathcona did not agree on the methodology used to evaluate the gold reserve estimates and; (iv) the 2012 Mineral Resources prepared by Snowden did not accurately classify the mineral resources present as Measured, Indicated, and Inferred Resources.

Pretium Shareholders Are Encouraged To Contact Shareholder Rights Law Firm Robbins Arroyo

If you invested in Pretium and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.

 

Shareholder Information

Items marked with an asterisk (*) are required information.

First Name * Last Name *
Address City State/Province *
ZIP/Postal Code Country/Region Phone *
E-mail * Confirm: E-mail *

Shares Purchased:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Shares Sold:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Please Note: Neither the submission to nor the receipt of information by Robbins Arroyo LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* I have read the disclaimer information

    Send This Post

    Tags: